Official: Beijing Auto Buys Saab Assets

While Spyker is still being tipped as the front-runner for the purchase of the Saab brand, General Motors has announced today that at least some of the assets of the struggling Swedish automaker have been sold to China’s Beijing Automotive Industry Holding Co. (BAIC).

BAIC has now acquired the rights and tools for the current 9-3 and 9-5 (pictured) models. The deal also gives BAIC access to certain powertrain technologies for use in its own models.

Saab boss Jan Ake Jonsson said in a statement: “This arrangement is excellent for both parties, now and for the future. We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles.”

No financial terms of the deal between BAIC and GM were given.

Sadly, this may mean the demise of the Saab brand altogether. GM is still holding open the possibility that Saab might find another buyer, but if a new one isn't found by December 31 the brand will be wound down just like Saturn and Pontiac.